Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty

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Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty: Petrol and Diesel price reduction news today: Finance Minister Nirmala Sitharaman announced on Saturday that the price of petrol will be reduced by Rs 9.5, whereas the diesel prices will see a cut of Rs 7 due to a sharp cut in central excise duty on fuel prices. “We are reducing the Central excise duty on petrol by Rs 8 per liter and on Diesel by Rs 6 per liter. This will reduce the price of petrol by Rs 9.5 per liter and of diesel by Rs 7 per liter,” said Union Finance Minister Nirmala Sitharaman.

Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty

Petrol and Diesel price reduction news today: Finance Minister Nirmala Sitharaman announced on Saturday that the price of petrol will be reduced by Rs 9.5, whereas the diesel prices will see a cut of Rs 7 due to a sharp cut in central excise duty on fuel prices. “We are reducing the Central excise duty on petrol by Rs 8 per liter and on Diesel by Rs 6 per liter. This will reduce the price of petrol by Rs 9.5 per liter and of diesel by Rs 7 per liter,” said Union Finance Minister Nirmala Sitharaman.

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The government will lose roughly Rs 1 lakh crore in revenue as a result of the action. The Centre is also lowering customs duties on raw materials and intermediaries for plastic products, which are heavily reliant on imports. As a result, the finished product will be less expensive. Price rises have been fueled by the Ukraine crisis and global supply chain disruptions.

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Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty

India’s wholesale and consumer prices rose at their quickest rates in years in April, leading the central bank to raise interest rates during an unexpected policy meeting earlier this month.

She said: “I wish to exhort all state governments, especially the states where the reduction wasn`t done during the last round (November 2021), to also implement a similar cut and give relief to the common man.”

In yet another major move, the government has decided that this year it will give a subsidy of Rs 200 per gas cylinder (upto 12 cylinders) to over 9 crore beneficiaries of the Pradhan Mantri Ujjwala Yojana.

“This will help our mothers and sisters. This will have a revenue implication of around Rs 6,100 crore a year.”

Further, it is also reducing the customs duty on raw materials and intermediaries for plastic products where the country`s import dependence is high. It will result in a reduction in the cost of final products.

A notification with specific details on all these mentioned moves will be issued by the Centre within the next hours.

Breaking News Live: Central excise duty on petrol slashed by Rs 8 per litre, diesel by Rs 6 per litre, says FM Nirmala Sitharaman

Breaking News Live: Central excise duty on petrol slashed by Rs 8 per liter, diesel by Rs 6 per liter, says FM Nirmala Sitharaman Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty

Centre rolls out measures to stem inflation, cuts excise duty on petrol, diesel

“This will reduce the price of petrol by Rs 9.5 per liter and of diesel by Rs 7 per liter,” Union Finance Minister Nirmala Sitharaman announced.

In a step to bring down the fuel prices, the Centre on Saturday reduced the Central excise duty on petrol by Rs 8 per liter and that on diesel by Rs 6 per liter. “We are reducing the Central excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter. This will reduce the price of petrol by Rs 9.5 per liter and of diesel by Rs 7 per liter,” Union Minister of Finance Minister Nirmala Sitharaman announced, pointing out that it will have a revenue implication of around Rs 1 lakh crore per year for the government Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty.

Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty
Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty

She also encouraged the state governments to implement a similar cut.  “I wish to exhort all state governments, especially the states where the reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man,” she said.

7/12 We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre.
This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre.

It will have revenue implication of around ₹ 1 lakh crore/year for the government.

Rolling out a slew of measures to stem inflation, Sitharaman said, “Keeping in line with @PMOIndia @narendramodi’s commitment to helping the poor & common man, TODAY, we are announcing more steps to help our people,” she said.

Here’s a list of announcements made by Sitharaman  on Saturday 

◾ Reduction of Central excise duty on petrol by Rs 8 per liter and that on diesel by Rs 6 per liter.

◾ Subsidy of Rs 200 per gas cylinder (upto 12 cylinders) to over nine crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will have a revenue implication of around Rs 6100 crore a year.

◾ In addition to the fertilizer subsidy of Rs 1.05 lakh crore in the budget, an amount of Rs 1.10 lakh crore is to be provided to further cushion the farmers.

◾ Reduction of customs duty on raw materials and intermediaries for plastic products where India’s import dependence is high. Import duty on some raw materials of steel will be reduced. Export duty on some steel products will be levied. This will result in a reduction in the cost of final products.

◾ Measures to improve the availability of cement, and through better logistics to reduce the cost of cement.

Hailing the PM Modi government, Sitharaman stated, “Our government, since when PM Narendra Modi took office, is devoted to the welfare of the poor. We’ve taken a number of steps to help the poor and middle class. As a result, the average inflation during our tenure has remained lower than during previous governments.” She said that the government set a paradigm of welfare even when the country, like the rest of the world, was hit by the pandemic. “Even during the pandemic, our government set a paradigm of welfare, especially with PM Garib Kalyan Anna Yojana. This is now acknowledged and appreciated the world over,” she said.

Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty

“Despite the challenging international situation, we’ve ensured that there are no shortages/scarcity of essential goods. Even a few developed countries couldn’t escape some shortages/disruptions. We are committed to ensuring that prices of essential items are kept under control,” Sitharaman said.

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New Delhi: 

The price of petrol will come down by ₹ 9.5, while the diesel will be cheaper by ₹ 7 as Finance Minister Nirmala Sitharaman announced a sharp cut in central excise duty on fuel prices amid surging inflation.

The central excise duty on petrol has been cut by ₹ 8 per liter and the same on diesel has been cut by ₹ 6 per liter, said Ms. Sitharaman. The government says it will lose ₹ 1 lakh crore by taking the cut on central excise duties.

The Minister urged states to implement a similar cut and pass on the benefit to the common man.

“I wish to exhort all state governments, especially the states where the reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man,” appealed Ms. Sitharaman.

Petrol price in Delhi will from Sunday cost ₹ 95.91 a liter as against ₹ 105.41 a liter currently, while diesel will cost ₹ 89.67 a liter as opposed to ₹ 96.67 a liter now.

After the latest excise cut, the incidence of central tax on petrol will come down to ₹ 19.9 a liter and that on diesel to ₹ 15.8 per liter.

Also, the government will give ₹ 200 per cylinder subsidy to Ujjwala Yojana beneficiaries for 12 cylinders in a year to help ease some of the burden arising from cooking gas rates rising to record levels.

Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty

“This will help our mothers and sisters,” tweeted Ms. Sitharaman.

The Finance Minister said the gas cylinder subsidy will have a “revenue implication of around ₹ 6,100 crores.”

Defending the government amid a steep price rise, the Minister said steps have been taken to cushion the poor.

“We’ve taken a number of steps to help the poor and middle class. As a result, the average inflation during our tenure has remained lower than during previous governments,” she said.

Soon after the cuts were announced, Prime Minister Narendra Modi underlined that it is “always people first for us” and that it will further the “ease of living”.

A similar cut in central duties took place in November last year, recalled Oil Minister Hardeep Puri.

“This decision follows Nov ’21 central excise cut of ₹ 5 on Petrol & ₹ 10 on Diesel. It underlines PM Modi Ji’s unwavering commitment to concerns of citizens & showcases PM’s leadership in crisis, despite refusal by some states to reduce prices & extraordinary supply constraints,” tweeted Oil Minister Hardeep Puri Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty.

Presently, petrol is selling at over ₹ 100 in most parts of the country. The rates vary across states due to the value-added tax (VAT).

India is heavily dependent on imports to meet its oil needs and the domestic petrol and diesel prices are linked to international rates.

April saw India’s wholesale and consumer prices accelerate at their fastest in years, prompting the central bank to hike interest rates at an unscheduled policy meeting this month Petrol Price cut by Rs 9.5 Diesel by Rs 7 as govt slashes excise duty.

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